The committee that will draw up the terms for the Oireachtas banking inquiry has agreed on a document that sets out the inquiry's broad scope and timeframe.

However, Fianna Fáil's Michael McGrath said the committee is still a long way off agreeing terms of reference.

That is expected to happen in the middle of September.

Socialist TD Joe Higgins said there is a determination to finalise the terms of reference on time.

At a private meeting today, the committee also agreed to set up a group to advise them on the terms of reference.

The group includes officials from the Department of Finance, Department of the Taoiseach, the ESRI, the Central Bank and some independent economists.

This group will consider the views of the members of the committee and report back before the end of July.

The committee's proposal for the inquiry will then go to the Committee on Procedures and Privileges of both Houses of the Oireachtas by 17 September.

Committee Chairman Ciarán Lynch TD said: "The inquiry framework should expand on the work done by the Committee and will assist in identifying the specific matters, key events or main questions to be inquired into, along with the relevant dates and relevant persons involved."

It is planned to hold public hearings early next year and to complete the inquiry inside 15 months.